Korea Nuclear EPC: Korea’s US investment announcement nearing; stay tuned on Korea Nuclear names

研报英文原文证据摘录

Korea Nuclear EPC: Korea’s US investment announcement nearing; stay tuned on Korea Nuclear names

J P M O R G A N Asia Pacific Equity Research

24 July 2026

Korea Nuclear EPC

Korea’s US investment announcement nearing; stay

tuned on Korea Nuclear names

According to news reports, Korea’s US investment plan is expected to be Korea Auto, EV battery, Nuclear and

announced as early as late August or September, with Industry Minister Kim Jung- Utility

kwan emphasizing a focus on US projects focused mainly on energy-related Sonny Lee AC

projects. Beneficiaries will depend on the project selected: (1) LNG CCPP (82-2) 758 5716

(combined-cycle power plant) would favor Doosan Enerbility (Doosan); (2a) a sonny.lee@jpmorgan.com

KEPCO-led NPP (large-scale nuclear power plant) project would be positive for Seri Yoon

the broader Korea nuclear EPC sector; (2b) a Westinghouse-led NPP project would (82-2) 758 5704

benefit Hyundai E&C (HDEC); and (3) SMRs (small modular reactors) would seri.yoon@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

likely favor Doosan given its partnerships with multiple US counterparts. On the Branch

news, the nuclear EPC names were relatively resilient (KEPCO E&C +3% d/d,

HDEC -3%, Doosan -2% vs. KOSPI -6%). We maintain a constructive view on the

sector, with Doosan as our top pick.

• US investment announcement likely in late Aug/Sep. On July 22, Korea’s

Industry Minister Kim Jung-kwan said the government is prioritizing US

investment projects with stable cash flows, with discussions currently focused

mainly on energy-related projects (link). He noted negotiations are in the final

stages, with a potential announcement timeline around late August or

September if remaining deal points are resolved. In our view, the likely energy